Before the election it was often asked, "Is it better for America to be liked or respected?"

No one asked the about the third option—neither liked nor respected.

In late October, the Financial Times had a front page story "Well-known US brands see sales in Europe fall."

Coca-Cola, McDonald's, Marlboro, and GM were all revealing problems echoing those "already faced by Disney, Wal-Mart and Gap."

Corporate chiefs dismissed the connection between falling sales and rising anti-Americanism.

"But the timing of the decline lends credence to warnings by a marketing and advertising group after the Abu Ghraib prison scandal that US brands could face trouble. 'My sense is we are seeing a transfer of anger and resentment from foreign polices to things American,' said Keith Reinhard, chairman of DDB Worldwide, an advertisting agency owned by Omnicon."

Flash-forward to this morning's FT, and its front page story "Coke chief promises 'dramatic' changes."

Coke's chairman Neville Isdell acknowledged deep problems besetting Coke, including "continued weakness" in Germany and France, attributable in part to consumers shifting from sugary carbonated drinks to bottled water, etc.

But only in part.